Trivant Custom Portfolio Group LLC Increases Position in Elevance Health, Inc. (NYSE:ELV)

Trivant Custom Portfolio Group LLC raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 5.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,579 shares of the company’s stock after buying an additional 342 shares during the period. Elevance Health comprises about 1.6% of Trivant Custom Portfolio Group LLC’s holdings, making the stock its 21st largest holding. Trivant Custom Portfolio Group LLC’s holdings in Elevance Health were worth $2,862,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ELV. Accredited Wealth Management LLC purchased a new position in Elevance Health during the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $26,000. OFI Invest Asset Management purchased a new position in shares of Elevance Health in the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC acquired a new position in shares of Elevance Health in the fourth quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. purchased a new stake in Elevance Health during the 4th quarter worth approximately $30,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ELV shares. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Truist Financial set a $500.00 target price on Elevance Health and gave the company a “buy” rating in a report on Monday, June 9th. Barclays lowered their target price on Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research note on Monday, June 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Finally, Robert W. Baird reissued a “neutral” rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $498.87.

Elevance Health Price Performance

Shares of NYSE ELV opened at $375.58 on Thursday. The stock has a market cap of $84.86 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.95 and a beta of 0.60. Elevance Health, Inc. has a twelve month low of $357.45 and a twelve month high of $567.26. The stock has a 50 day moving average of $401.21 and a two-hundred day moving average of $399.60. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The business had revenue of $48.77 billion for the quarter, compared to analysts’ expectations of $46.26 billion. On average, research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.82%. Elevance Health’s payout ratio is 26.69%.

Insider Transactions at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.